Insurance Coverage is Down: Should You Consider Dropping Your Plan

It’s been 10 years since the last time the numbers of those without insurance coverage have been this low. According to an article written by NBC news, An estimated 27.5 million people, 8.5% of the population, went without health insurance in 2018. However, the increase from the year before was that of 1.9 million people. There are many factors to the increase in the number of those without coverage. One key reason was the relinquishing of the coverage mandate of the previously inforced ACA tax penalty. This penalty caused all citizens to hold government compliant health insurance or be subject to a fine. The article also goes into stating that household income was the slowest its been in the last four years matching a peak set in 1999.

Insurance Coverage Is Better Than Ever

With numbers decreasing, should you think about turning away from purchasing insurance? The answer simply is no. Insurance coverage in 2020 is looking to surpass previous years in many ways. Insurance coverage has broadened its ability to provide you assistance. The coverage of private insurance companies continues to expand its areas of coverage giving you more options coming to a neighborhood near you. Available benefits have also increased providing you more services whether that’s transportation, drug availability, dental work, and even fitness utilities.

Different Types Of Coverage Available

Insurance not only protects you when you need it most but you also have multiple options that allow you to be flexible with what you need. Looking for coverage for the whole family and you’re under 65, you can go look into affordable care act coverage. Single, young, and healthy but want coverage? Short term coverage can help provide coverage at a cheaper price for a short term solution. 65 and older healthy and more economically focused? A Medicare Advantage plan can help provide you coverage. Last but not least, a medicare supplement can help provide extra help for those who might be in worse help needing to visit the doctors or physicians more often.

Whatever category you fall into, health insurance is more promising than ever. It is also a good way to protect yourself and loved ones for any situation.

Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions.  If you have any questions, comment below and your question may be the topic of our next post!

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